Patterson-UTI Energy Inc. [NASDAQ: PTEN] stock went on a downward path that fall over 0.00% on Thursday, amounting to a one-week price decrease of less than -10.36%. The company report on July 6, 2021 that Patterson-UTI Energy Announces Agreement to Acquire Pioneer Energy Services.
PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) announced that it has entered into an agreement to acquire Pioneer Energy Services Corp. for approximately $295 million, which includes the retirement of all Pioneer Energy Services’ debt. Consideration for this acquisition consists of the issuance of up to 26,275,000 shares of Patterson-UTI common stock plus payment of $30 million of cash. The transaction is expected to close in the fourth quarter of 2021, subject to regulatory approvals, customary closing conditions and the approval of Pioneer Energy Services’ stockholders. Transaction highlights and strategic rationale include:.
Adds 16 super-spec drilling rigs to Patterson-UTI’s current fleet of 150 super-spec drilling rigs in the United States.
Over the last 12 months, PTEN stock rose by 152.41%. The one-year Patterson-UTI Energy Inc. stock forecast points to a potential downside of -0.22. The average equity rating for PTEN stock is currently 2.80, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $1.70 billion, with 187.68 million shares outstanding and 180.76 million shares in the current float. Compared to the average trading volume of 1.99M shares, PTEN stock reached a trading volume of 2527136 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Patterson-UTI Energy Inc. [PTEN]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PTEN shares is $8.89 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PTEN stock is a recommendation set at 2.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Evercore ISI have made an estimate for Patterson-UTI Energy Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on June 23, 2021. While these analysts kept the previous recommendation, Barclays raised their target price from $7 to $9. The new note on the price target was released on May 03, 2021, representing the official price target for Patterson-UTI Energy Inc. stock.
The Average True Range (ATR) for Patterson-UTI Energy Inc. is set at 0.64, with the Price to Sales ratio for PTEN stock in the period of the last 12 months amounting to 1.85. The Price to Book ratio for the last quarter was 0.87, with the Price to Cash per share for the same quarter was set at 1.12. Price to Free Cash Flow for PTEN in the course of the last twelve months was 15.87 with Quick ratio for the last quarter at 1.70.
PTEN Stock Performance Analysis:
Patterson-UTI Energy Inc. [PTEN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -10.36. With this latest performance, PTEN shares dropped by -16.88% in over the last four-week period, additionally plugging by 41.88% over the last 6 months – not to mention a rise of 152.41% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PTEN stock in for the last two-week period is set at 39.32, with the RSI for the last a single of trading hit 30.78, and the three-weeks RSI is set at 44.76 for Patterson-UTI Energy Inc. [PTEN]. The present Moving Average for the last 50 days of trading for this stock 9.18, while it was recorded at 9.50 for the last single week of trading, and 6.41 for the last 200 days.
Insight into Patterson-UTI Energy Inc. Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and Patterson-UTI Energy Inc. [PTEN] shares currently have an operating margin of -40.49 and a Gross Margin at -31.01. Patterson-UTI Energy Inc.’s Net Margin is presently recorded at -71.49.
Return on Total Capital for PTEN is now -13.43, given the latest momentum, and Return on Invested Capital for the company is -23.77. Return on Equity for this stock declined to -33.14, with Return on Assets sitting at -19.73. When it comes to the capital structure of this company, Patterson-UTI Energy Inc. [PTEN] has a Total Debt to Total Equity ratio set at 46.02. Additionally, PTEN Total Debt to Total Capital is recorded at 31.51, with Total Debt to Total Assets ending up at 25.01. Long-Term Debt to Equity for the company is recorded at 45.66, with the Long-Term Debt to Total Capital now at 31.27.
Reflecting on the efficiency of the workforce at the company, Patterson-UTI Energy Inc. [PTEN] managed to generate an average of -$267,897 per employee. Receivables Turnover for the company is 4.40 with a Total Asset Turnover recorded at a value of 0.28.Patterson-UTI Energy Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.70 and a Current Ratio set at 1.80.
Patterson-UTI Energy Inc. [PTEN] Insider Position Details
There are presently around $1,566 million, or 94.30% of PTEN stock, in the hands of institutional investors. The top three institutional holders of PTEN stocks are: BLACKROCK INC. with ownership of 32,944,566, which is approximately 13.043% of the company’s market cap and around 2.50% of the total institutional ownership; VANGUARD GROUP INC, holding 20,972,624 shares of the stock with an approximate value of $186.87 million in PTEN stocks shares; and DIMENSIONAL FUND ADVISORS LP, currently with $89.25 million in PTEN stock with ownership of nearly 2.676% of the company’s market capitalization.
Positions in Patterson-UTI Energy Inc. stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 84 institutional holders increased their position in Patterson-UTI Energy Inc. [NASDAQ:PTEN] by around 18,065,906 shares. Additionally, 122 investors decreased positions by around 20,119,881 shares, while 40 investors held positions by with 137,552,489 shares. The mentioned changes placed institutional holdings at 175,738,276 shares, according to the latest SEC report filing. PTEN stock had 17 new institutional investments in for a total of 4,627,072 shares, while 34 institutional investors sold positions of 2,922,718 shares during the same period.